Windfall for MultiChoice BEE shareholders

MultiChoice said on Wednesday that shareholders in its Phuthuma Nathi broad-based black economic empowerment vehicle Phuthuma Nathi will receive R1.3bn in ordinary dividends.

This is after the dividend payout was approved by shareholders at the company’s AGM, held in Johannesburg on Wednesday morning. Total dividends of R9.1bn have been paid to Phuthuma Nathi since the scheme was launched in 2006, MultiChoice said in a statement.

Black South Africans hold about 55% in MultiChoice through shareholdings in Naspers and the Phuthuma Nathi share schemes, said MultiChoice South Africa Holdings chairman Nolo Lete.

Phuthuma Nathi shareholders will receive an ordinary dividend of R19.26/share. The dividend, less 20% dividend withholding tax, will be paid to shareholders next week.

MultiChoice, which is controlled by the JSE-listed Naspers, is the holding company for brands such as DStv, M-Net, GOtv and SuperSport. — (c) 2017 NewsCentral Media